Ubisoft founders buy over 2 million of shares back to keep Vivendi at bay
They keep fighting Vivendi's takeover.
Ubisoft has been doing what they can to fight off the hostile takeover from Vivendi over the past year. They have tried buying back their shares to own more of their own voting power and speaking with Ubisoft's investors. While Vivendi has been on track to offer Ubisoft a bid, it's been stated that they could move on to a different company if the takeover doesn't work.
According to a new press release from Ubisoft, the game company's founders have taken another step at pushing Vivendi back. The Guillemot brothers have bought back around 2 million of Ubisoft's shares, roughly costing $120 million, which adds up to the Guillemot Brothers owning another 1.75% of Ubisoft.
Here's the full statement from the press release:
"Ubisoft has been informed that Guillemot Brothers SE and a bank have entered today into an agreement related to the purchase by Guillemot Brothers SE of a maximum number of 2,000,016 shares of Ubisoft representing c. 1.75% of the share capital of Ubisoft."
Vivendi began at owning 10% of Ubisoft's shares, but they have slowly been taking more and more. In February 2016 they jumped to 15%, then to 20% in June 2016. The multimedia company jumped to owning upwards of 22.8% of Ubisoft, with 20% of the voting rights in their hands. In November 2016, Vivendi made another leap to 24% of shares and 21% of voting rights. In December 2016, Vivendi owned 25.15% of the company and 22.92% of its voting rights and in April of this year, it was said that Vivendi would be nearing the 'second phase' of their takeover attempt.